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Professional investors and the financial media alike tend to closely read and discuss the quarterly musings of hedge-fund manager David Einhorn.

But Einhorn's latest shareholder letter may be getting more attention than most. That's because the stockpicker who famously shorted Lehman Brothers well ahead of its September 2008 demise has written that he has shorted a basket of "bubble" stocks.

But even though Einhorn isn't naming names, his brief reference to a category of "cool kid" companies that are trading ahead of their true worth has become rich fodder for financial-media pundits. Tech stocks, after all, still fire the imaginations of writers like few other sectors, even though the industry is a shadow of its 1990s self.

What's interesting is that not all the pundits agree that there's a bubble in tech right now, given that many of these stocks fell by 20% or more in the past four or five weeks before a recent modest rebound.

Jim Cramer may lead the list of critics of the bubble theory. In a piece for his Website, The Street, Cramer asks rather rhetorically: "How is it that we now bank with managers who tell us there is a tech bubble brewing without taking into account that the bubble has been bursting for a month now?"

The Street

Cramer also wonders aloud why "we now get our opinions from investment letters from managers who lost money in the first quarter," a reference to Einhorn's admission that his fund lost 1.5% in the first quarter.

Though Cramer's column is mostly bluster and not a carefully crafted argument, his point that many stocks have fallen off highs more worthy of the bubble designation can't be denied.

Minyanville

"If there was a second tech bubble, it already popped," writes a piece attributed to Minyanville's staff. "High-beta tech stocks such as FireEye and Splunk just collapsed, and the iShares NASDAQ Biotechnology Index ETF is 16% off its February high," the site writes. "Meanwhile, the NASDAQ is still 19% below its 2000 high, and investors aren't rewarding tech stocks across the board. Some recent IPOs, such as King Digital Entertainment and GrubHub disappointed, and companies that disappoint on earnings -- Twitter being one prime example -- get punished."

The site adds: "We're in a completely different ball game from the late 1990s, and valuations for quality tech companies such as Google, Qualcomm, and Apple are fairly reasonable."